We examined the fraud case from three different directions, considering the fraud triangle, the COSO (Committee of Sponsoring Organizations of the Treadway Commission) internal control framework and the IMA Statement of Ethical Professional Practice. What made this case so interesting was how large the dollar amount of fraud and the failures of many people along the way that allowed it to perpetuate. It’s an important reminder of how management accountants can contribute to strong internal controls, fraud prevention and an ethical climate that encourages good overall corporate governance. Again, thank you to all who attended and participated in the discussion. Our members have a lot of personal experience and knowledge to share! We are switching things up this month and have planned a social outing for the chapter! Our chapter has not met in person in over 2 years and we would love to see you all again! We are also curious about your ideas for the chapter, for meeting topics or speakers or events, ideas for a new meeting location, interest in joining the Board, etc. If you have any input, please feel free to share with our Board members, whether in person at the social meeting or via email. We would so appreciate hearing from you. That said, we are mostly just looking forward to catching up with you all! Please plan to join us on Wednesday, May 18th, at Stormhouse Brewing in North Palm Beach (see the details on page 3 of this newsletter). We will drink and eat and chat and even get a tour by the Master Brewer. It will be a great time so please RSVP now! And many thanks to our premiere social planner, Bill Cray! (Come also to toast Bill on his impending retirement!) We look forward to seeing you there!
--Kathy Rowland, VP-Communications
Here we are about to enter Spring, not that it matters much in Florida. The world is still a little too unsettled these days, but we all continue to march forward at this busy time of year for accountants! The Chapter would like to thank CLA (CliftonLarsonAllen) for the wonderful tax update presentation in January. Just when you think the tax code may settle down, the pandemic comes, and along with it a lot of tax consequences. It is sure nice to feel we are all “in the know” now based on their thorough presentation. The chapter has been active in the community, with 3 members of our chapter (Kathy Rowland, Ray Veloso and Lisa Moore) making a Zoom presentation to the FAU Accounting Student Association in February. The presentation was to tell the students about the IMA, the option of another certification which, of course, is the CMA, and all the career opportunities that there are in Management Accounting. The students were every engaged in the presentation, having many good questions during the Q & A portion at the end of the presentation. We even heard one student started the process of signing up to join the IMA right after the meeting. Students will be the future of our profession, and by the actions of this group, we should be in good hands. This month’s presentation will be an Ethics course, “The Slippery Slope of Greed”, facilitated by our very own Kathy Rowland. Ethics is an integral part of the CMA, with 2 hours of continuing education needed on this topic annually. So, join us and have that requirement behind you for the 2022 CPE reporting year. Further details about the meeting can be found on the last page of this newsletter. RSVPs are required to receive the Zoom meeting notification. We encourage you to RSVP even if you are not sure you can attend so that you will have the information if needed. Come prepared to join the discussion about the ethical case to be presented.
Hope everyone makes it through the audit and tax season unscathed,Lisa Moore, CMAVP-Administration
Happy New Year! May 2022 bring much of the enjoyment we had hoped in 2021! As I celebrate my 44th annual tax update as a member of the IMA/NAA, the anticipation of the new tax changes never gets old. When it comes to taxes and accounting, you can’t be too prepared. I want to thank Justin Jacobs from Morgan Stanley for his informative presentation on “Retirement Income Planning and Understanding your 401(k)” at our last meeting. As I’m much closer to retirement than entering the job market, the presentation covered many financial aspects of retirement that we will all need to address in the coming years. Please feel free to reach out to Justin with any specific issues you like to discuss. It has been a year of tax changes. This month, the tax update (2 hours CPE) to be provided by CLA (CliftonLarsonAllen) will include discussion of the most significant tax legislation, regulations, and administrative guidance affecting individuals and businesses. Shannon Gugluizza and Clinton Freeman will review the tax consequences from PPP loan forgiveness; ERC (Employee Retention Credit) rules; new S corporation and partnership reporting requirements; as well as law developments affecting employee benefits, charitable contribution deductions and Schedule A items. Further information about the meeting is included on the last page of this newsletter. RSVPs are required to receive the Zoom meeting information. We encourage you to RSVP even if you are not sure if you can attend so that you will have the information should you be able to attend. Wishing you all a happy, healthy, safe and joyous New Year!
--Bill Cray, Secretary and Treasurer
The carved pumpkins are gone but now it’s time for pumpkin pie! And there was even a bit of chill in the air this weekend that made it feel like a real fall (as real is it gets in green South Florida!) I would like to thank Cynthia Ortega from Robert Half who spoke to our group in September about “Managing, Hiring and Onboarding Employees Remotely.” Cynthia had a lot of good information to share for managing employees remotely, including considerations such as communication (more is better), flexibility (figure out what works best for each employee regarding how often and how to communicate), transparency (be open and authentic; honesty is best), empathy (put yourself in the other person’s shoes) and structure (set boundaries between personal and work to protect your work-life balance). She also shared the quote of 2020-2021 – “You’re on mute”! This month, Justin Jacobs from Morgan Stanley will discuss “Retirement Income Planning and Understanding the Benefits of Your 401(k)” for 2 hours of CPE. Some of us are closer to the end of our careers than at the beginning but planning for retirement applies to all employees. The sooner you start preparing and planning and saving for retirement, the better off you are. Further information about the meeting is included on the last page of this newsletter. RSVPs are required to receive the Zoom meeting information. We encourage you to RSVP even if you are not sure if you can attend so that you will have the information should you be able to attend. Until we can all meet in person again, stay safe. We hope your holidays are joyous!
--Kathy Rowland, VP-CommunicationsChapter Message - September 2021
While my television this weekend seemed to show me that the country was getting back to “normal” with a slew of football games and the U.S. Open with full stands, the numbers related to Covid infections and deaths are still not good. I drove to Gainesville this week to bring home my youngest child who tested positive for Covid. She is completely asymptomatic and thankfully, the people she spent the most time with (10 adults, family and friends, during the Labor Day weekend and her college roommate) have all tested negative; vaccinations work. I will not be retiring my masks to the closet anytime soon. Our chapter Board of Directors began meeting this summer with the intention of returning to in-person meetings this fall but the increase in infections related to the more infectious Delta variant of Covid changed our tune. For now, we plan to meet via Zoom this month and in November (our chapter hosts meetings with 2 hours of CPE in September, November, January, March and May). We will reassess the situation at the end of the year regarding our spring meetings. It is quite appropriate that our speaker this month, Cynthia Ortega from Robert Half, will be discussing “Managing, Hiring and Onboarding Employees Remotely” (2 hours CPE). While some companies have returned to full staffing in their offices (and some never stopped), others are still functioning with remote staffing or a hybrid staffing model. Cynthia will bring her personal knowledge of these staffing models to discuss how we as managers can best handle these varied staffing situations. Further information about the meeting is included on the last page of this newsletter. RSVPs are required to receive the Zoom meeting information. I encourage you to RSVP even if you are not sure if you can attend so that you will have the information should you be able to attend. Until we can all meet in person again, stay safe.
Spring is in the air, or as much as it can be South Florida. Baseball has resumed at Roger Dean Chevrolet Stadium and Fit Team Ballpark. A few fans can even attend. It is a sign that things are slowly returning to some semblance of normal. The Chapter hosted the annual “2021 Tax Update” in January via a Zoom meeting. We are grateful to Whitley Forehand, Clinton Freeman, Jennifer Rohen and Shannon Gugluizza of CLA for an informative Tax Update session. I learned that the CARES act had a greater impact on business than I had thought. My company was significantly impacted by the Paycheck Protection Program (PPP). I appreciated the update of the changes to that program. Thanks to all of you for taking time from your busy schedules to spend some time supporting our chapter. Zoom meetings, like ours, have become the norm in the last year, mostly out of necessity. Personally, I have found that it is more difficult to stay focused on-line than in person. I found a quote from Ernest Hemingway which doesn’t directly deal with the current situation, but it could. “I like to listen. I have learned a great deal from listening carefully. Most people never listen.” Listening is an active skill that takes work. But the work is lightened when the interaction is face-to-face. Guess all I’m saying is that it is time to get back to meeting in person, which I hope will be soon. This month, we are fortunate to have Pat Patterson, President, Corporate Workflow Solutions, return to entertain and educate us further on the subject of “Cyber Attacks” (2 hours CPE). Until we can all meet in person again, stay safe.
Here’s hoping that everyone had a safe, enjoyable Holiday season as we put 2020 well into the rear-view mirror. But, before moving on, I would like to thank Mark Grimaldi, VP of Bateman, Gordon & Sands, Inc. for speaking at our November virtual meeting on “The Impact of COVID on Risk Management.” Because of the devasting and wide spread nature of COVID, Insurance seems to have been hit harder than many fields, or as Mark put it, it is an “industry under attack.” Companies were learning on the fly, playing the COVID guessing game, trying to adapt and survive. Two lessons he emphasized are useful to all businesses. The first is that there needs to be a partnership between the insurance carrier and the client. Both sides must work together to develop a clear understanding of what is expected from each and to reduce risk to the greatest degree possible. The second is that the Insurance Industry needs to learn from each other to implement the “best practices in place.” Thank you again to Mark to taking the time to share his expertise with our Chapter. Looking forward to the unknown future of 2021 is as much about how we deal with adversity using the attitudes we develop as what actually happens. I was struck by this quote from Helen Keller who overcame being deaf and blind to become an accomplished writer, speaker, activist and one of Time Magazine’s 100 Most Influential People of the 20th Century. “Your success and happiness lies in you. Resolve to keep happy, and your joy and you shall form an invincible host against difficulties. It is not how much we have, but how much we enjoy, that makes happiness.” 2021 kicks off with the annual Tax Update. Please stay safe. I’m ready to meet all of you again in person as soon as possible.
President: Chuck Schneider, CMA